How Barclays, Lloyds, NatWest, HSBC and Santander customers could make £233 | Personal Finance | Finance
Money experts are advising households that now is the prime time to scout for the best savings accounts, as they could rake in hundreds of pounds extra. The top interest rate accounts are being spotlighted by financial gurus, with potential profits for those with savings.
Savers are being informed that there’s never been a more opportune moment to transfer their savings to an account that will yield generous amounts in interest. Experts pinpoint the best rates with banks such as Mizrahi Tefahot Bank, Close Brothers and Chase, with the emergence of online banks providing households with a plethora of options.
Individuals are encouraged to hunt for the best deals but are cautioned to thoroughly read and comprehend any terms and conditions before committing. Many people remain with the same savings account, bearing a poor interest rate, for years.
By switching to a higher interest account, someone could pocket an additional £233 each year on average on £10,000 savings – and even more for those with larger savings. Customers with major banks like Barclays, Lloyds, NatWest, HSBC and Santander may be able to uncover better deals.
They might also find superior accounts within their existing banks that they’re not aware of, reports Birmingham Live.
Money.co.uk’s savings guru Lucinda O’Brien remarked: “Remember, inflation now stands at 2% and the top deals are above 5%, which gives your money more purchasing power. This means there has never been a better time to move your money if it’s currently sitting in an account earning little interest.”
She further highlighted: “For example, Mizrahi Tefahot Bank via Raisin UK currently has the top interest rate for a one-year fixed-rate bond at 5.25% and this can be opened with £1,000. If you’re happy to lock away your money for longer, then Close Brothers Savings has a two-year fixed rate at 5.06% but you’ll need a minimum opening balance of £10,000.”
O’Brien added: “For more flexible savings, Chase’s instant access boosted rate at 5.10% is still available to new and existing customers – but you will need a Chase current account to access this savings account. Cash ISAs also remain competitive with Plum’s easy access ISA at 5.17% and this can be opened with just £100.”
Additionally, she pointed out: “Plus, Cynergy Bank’s one-year fixed-rate cash ISA may look slightly lower compared to normal fixed-rate bonds at 4.94%, but you only need £500 to open it and it comes with the tax-free benefit.”
